Welcome the new 2011 officers and governors

I would like to introduce myself as your 2011 president of the New York State Society of Real Estate Appraisers. I was just installed into office on January 31 in conjunction with the NYSAR Mid-Winter Business Meetings and could not be happier to accept the challenge of addressing the issues facing our industry. Let me take this opportunity to tell you that I am honored to serve as your president for 2011 and to also work alongside my esteemed leadership team of President-elect Anthony A. Girasole, and Secretary/Treasurer David Fuller. I would also like to thank Immediate Past President George S. Wonica for his guidance and support over the last several years.

This organization was created in 1940 as a division of the New York State Association of REALTORS with the goal of providing education to its members and continually striving to offer timely courses of interest to the membership. During the last couple years the society has been focusing on implementing an Appraisal Tour of the state and now we are able to offer this benefit to you. We kicked off the tour on January 31 with “Tax Grievance: How to File a Complaint on an Assessment and Increase Your Revenue,” taught by Rebecca Jones. It was a great success. A pending course schedule has been posted on NYRealEstateAppraisers.com for your review.

The next big event coming our way is the 17th Annual Arthur G. McCartney Spring Appraisal Conference being held in Tarrytown, New York. We are extremely excited to be able to introduce acclaimed instructor Melanie McLane as our educator for the two-day conference. Details and registration information can be found below in this newsletter.

As a member of the New York State Real Estate Appraisal Board, I am able to be in the center of discussions about issues that are plaguing our industry. You have no doubt heard it from this organization before that mandatory licensing and the use of BPOs in real estate transactions are matters that need our attention. Changes need to be made in order to better our trade.

I am looking forward to serving the membership in 2011 and am always free to listen to your comments or concerns moving forward.

Regards,

Steve Roefaro
2011 NYSSREA President
p>

2011 NYSSREA President Steve Roefaro presents Immediate Past President George S. Wonica with a plaque of appreciation.

On Monday, January 31, committees of the New York State Society of Real Estate Appraisers met at The Desmond Hotel & Conference Center in Albany, NY. President Steve Roefaro welcomed the Board of Governors along with President-elect Anthony Girasole and Secretary/Treasurer David Fuller.

Communications Committee Chair Dan DiSanto discussed the E-Newsletter. A motion was made, seconded and carried to create a website subcommittee. The members will be Wayne Feinberg and Dan DiSanto.

Marketing Committee Chair George S. Wonica spoke on posting local board links on the NYSSREA site, as well as asking local boards to post our link on their sites. President Roefaro discussed this during the Association Executives Forum.

Education Co-Chairs Rebecca Jones and Jennifer Dindl-Neff updated the group on the Appraisal Tour of New York State. The first dates have been scheduled and staff will proceed with scheduling based on attendance. A motion was made, seconded and carried to offer a membership special for non-members to join the society in October at the Fall Conference and receive three months free with a 2012 membership fee. A half price membership rate will also be available to non-members who register for any upcoming courses or the Spring Appraisal Conference.

The Scholarship Committee approved two applications (as part of the scholarship extension for 2010) for $200 each. Each recipient will be offered free membership for 2011 if they are not already members of NYSSREA.

Legislative Committee Chair Wayne Feinberg and the group discussed the broker price opinion and its use in lending transactions.

With no new business, the meeting was adjourned.

Click here to view minutes from the Board of Governors meeting in their entirety.

The 17th Annual Arthur G. McCartney Spring Appraisal Conference will be held April 28-29 at the Doubletree Hotel in Tarrytown, NY. NYSSREA will offer the seven-hour version of the USPAP course and the five-hour Green Building Trends course, both taught by Melanie McLane, appraiser, broker and educator from Jersey Shore, Pennsylvania.

Green Building Trends is a five-hour session designed for appraisers or agents as an introduction to green building and remodeling trends including how to identify elements of green and how to value these features when valuating or pricing real estate. This session will explore the language of green and how green buildings are rated; it will also look at retrofitting for green remodeling. This session is an introduction to some basic principles and concepts of real estate’s hottest trend. (Submitted to the New York State Department of State for five hours of appraiser and real estate continuing education credit.)

The 2010-2011 USPAP course focuses on changes to USPAP and on appraisal issues that affect daily appraisal practice. It is unique in that it is developed by The Appraisal Foundation with assistance from the Education Council of Appraisal Foundation Sponsors and is revised on a periodic basis to stay current with the latest edition of USPAP.* All appraisers are required to complete a seven-hour National USPAP Update Course in order to renew their license/certification. (Submitted to the New York State Department of State for seven hours of appraiser continuing education.)

Federal interagency appraisal regulations and the use of BPOs in lending transactions

In an article titled “The Use of BPOs in Lending Transactions” in the January 12, 2011 Appraisal Buzz Newsletter, Thomas J. Inserra, MBA, MAI, SRA takes issue with the new federal regulations that make a distinction between the services of an appraiser who provides appraisal services versus a real estate agent who supplies “evaluation” or “valuation” services, commonly referred to in our state as a broker’s price opinion or BPO.

According to Inserra, these new federal appraisal regulations impose for the first time, new requirements that apply to those who render evaluation or valuation services (such as BPOs issued by licensed agents). Inserra believes these regulations may potentially be in conflict with a state’s statutory requirements, as is the case with Arizona.

He proposes a set of new requirements that state governments, individual lenders and appraisal management companies (AMCs) who procure valuation services on their behalf, should consider to help ensure compliance with the new federal appraisal regulations and to help organizations better manage risk.

Submit comments and suggestions for improving USPAP

The Appraisal Standards Board (ASB) regularly solicits and receives comments and suggestions for improving USPAP. The proposed changes, found here [link to pdf], are intended to improve USPAP understanding and enforcement, and thereby, achieve the goal of promoting and maintaining public trust in appraisal practice.

The ASB is currently considering changes for the 2012-13 edition. All interested parties are encouraged to comment in writing to the ASB before April 1, 2011. Each member of the ASB will thoroughly read and consider all comments. Comments are also invited at the ASB public meeting on April 8, 2011, in San Antonio, Texas. Click here to access the exposure draft.